Update 2018 : The Home Choice Loan has now been discontinued – it is replaced by the Rebuilding Ireland Home Loan
All the information below relates to a scheme that has ended.
The Home Choice Loan is an Irish Government backed mortgage for First Time Buyers to purchase a new or second hand property or build their own home. It is not generally available – but is aimed at those buyers who have been refused loans by two or more other lenders.
The maximum loan was 92% of the market value of the property being purchased. The maximum loan amount was €285,000. The interest rate was 3.25%
To qualify for a Home Choice Loan applicants had to meet the following criteria :
* be a first time buyer
* earn over €35,000 as a single applicant and over €45,000 combined income as joint applicants;
* be in continuous employment for a minimum of one year; If self-employed be able to submit two years certified accounts;
* provide evidence that they could not obtain sufficent finance from two banks or building societies.
The scheme had been running since 2009 – but take up had been very low. (Probably because the income criteria are as high as the mainstream lenders)
Home Choice Loan was operated on a regional basis by four designated local authorities, Cork City Council, Dublin City Council, Galway County Council and Kilkenny County Council